What's the difference between these sometimes confusing accounting terms?

Assets are things of value that your business owns. An asset can be something tangible like cash, a building, or a piece of equipment. Or it can be something intangible, like intellectual property or goodwill.

Income is revenue that your business earns. This can be operating revenue from the goods or services that your business sells, or passive revenue from things like investments.

Expenses are the outflow of funds from your business to pay for goods and services that your business uses.

Liabilities are amounts that your business owes to other parties. These can be bank debts, or other things like unpaid expenses.

Equity is the difference between your assets and liabilities, and measures the net worth of your business.